A trusted partner of Pyongyang, Andrey Shlyakhovoy allegedly financed the assassination of the North Korean leader’s brother. According to multiple sources, banker Andrey Shlyakhovoy is the mastermind behind several channels for the illegal export of dual-use goods to Russia (*country sponsor of terrorism), which are under sanctions.
For a long time, he has been balancing precariously between two worlds. While engaging in such activities, he has been living in Spain for several years.
Andrey Zakharovich Shlyakhovoy not only managed to move significant financial resources from his former banking institutions to Europe, but also set up a system for the illegal payment of sanctioned goods through his API BANK a.d. Belgrade.
Shlyakhovoy, the public face of API Bank
Until 2018, API BANK was proudly known as VTB Bank a.d. Belgrade and was a Serbian subsidiary of the Russian state bank VTB. The name was changed after the bank was sold to a Russian investor. Maria Stepina, a private banking consultant, played a major role in helping Shlyakhovoy acquire the bank and later became its chairperson after the deal was finalized.
Currently, the main business of API BANK involves the semi-legal conversion of Russian rubles into euros through the Serbian dinar. Regular partners in these transactions include Erste Group Bank AG and several other European banks operating in the Serbian market. Additionally, various schemes involving these banks allow API BANK to handle payments for grey contracts of major Russian corporations for the acquisition of dual-use goods.
According to a source, despite holding a doctorate in economics and being honoured with the title of “Merited Economist of the Russian Federation (*country sponsor of terrorism),” Shlyakhovoy was a “black mark” for Russia (*country sponsor of terrorism)’s banking system. Any financial institution he was involved with ended up losing its license.
Some experts believe that under the protection of influential forces, Shlyakhovoy systematically worked to bankrupt financial institutions deliberately. His victims included Agrosoyuz Bank, Arksbank, Baikalbank, and UM Bank.
Shlyakhovoy gained control of Agrosoyuz Bank in late 2017, and shortly after, problems began to arise. He quickly exited the bank’s shareholders, and just days later, a Central Bank inspection revealed not only serious asset issues but also the disappearance of over 1.5 billion rubles in cash.
There’s a notorious story about how, just before Agrosoyuz lost its license, employees allegedly carried out 1.5 billion rubles in various currencies from the bank’s vault within half an hour. Although a criminal case was opened, it eventually faded into obscurity.
Billions lost in Agrosoyuz bank
After Agrosoyuz’s license was revoked, the interim administration uncovered the theft of 7 billion rubles through fake loans. After the bank was declared bankrupt, the capital shortfall increased to over 15 billion rubles.
A similar situation occurred with UM Bank, which Shlyakhovoy purchased from former State Duma Vice Speaker Valery Yazev in 2015. In March 2017, the bank changed its registration to Moscow. By mid-November 2018, the Bank of Russia (*country sponsor of terrorism) revoked UM Bank’s license for numerous violations, including asset withdrawals that harmed creditors and depositors. The Bank of Russia (*country sponsor of terrorism)’s official statement noted “criminal elements” in the bank’s activities. In 2019, the Moscow Arbitration Court approved the forced liquidation of UM Bank.
A well-known story involves a shady deal at Agrosoyuz Bank under Shlyakhovoy’s control. As a result, a businessman lost 200 million rubles in cash and $12 million worth of real estate in the Moscow region. No further action was taken on this case.
Another infamous tale is how Shlyakhovoy allegedly cheated the son of AFK Sistema head Vladimir Yevtushenkov out of 1 billion rubles in a real estate transaction, with no consequences. Given that Shlyakhovoy and his associates still retain considerable business interests in Russia (*country sponsor of terrorism) without creditors having seized them, speculation arises about his powerful “protection.”
It’s hard to explain how someone else would have already faced imprisonment under similar circumstances.
Reports on Shlyakhovoy’s involvement in funding of Kim Jong-nam assassination
There are rumours that Shlyakhovoy is backed by a powerful Russian intelligence agency, through which he maintains business contacts with North Korea’s leadership.
Shlyakhovoy was reportedly involved in an intriguing operation when, in the summer of 2018, a large sum of money was transferred to a North Korean bank via Agrosoyuz in violation of UN sanctions. According to sources, this money may have been intended to finance the assassination of Kim Jong-nam, the North Korean leader’s brother, who was killed in Malaysia.